DOCUMENTS accompanying a worldwide freezing order won by the National Asset Management Agency against property developer Ray Grehan claim he had a net worth of £3.6 million (€4.32 million) in 2010, once debts were stripped away from 16 properties listed in court documents.
Nama successfully won the order preventing Mr Grehan from selling assets on December 14th at the High Court in London, but it failed to stop him being paid €5,000 a week in living expenses.
In a statement of affairs, dated July 2010, accompanying the freezing injunction, Mr Grehan’s assets and liabilities are detailed, including commercial and residential properties in Ireland, the United Kingdom, Holland and a boat in Spain worth €150,000.
Land in Ashford, Co Wicklow, is described as being worth €5.28 million, although it is weighed down by a €9.43 million mortgage from AIB; while land at St Edmunds in Dublin 20 was valued at €10.5 million, although it, too, is accompanied by a €15.4 million mortgage from AIB.
The property developer is listed as a 60 per cent shareholder of the Glenroyal Hotel in Maynooth, Co Kildare. His shareholding was then valued at €6 million, matched by an AIB mortgage of €784,000. The investment is claimed to produce an income of €341,280 annually.
The Crowne Plaza hotel in Shoreditch in London, which has been at the centre of a number of legal battles between Mr Grehan, his brother Danny, and Nama, was valued at €33.65 million, with a €22 million mortgage from AIB.
The Arcadia shopping centre in Ealing in West London is listed as being valued at €41.2 million, although the interest-only mortgage on the property from Anglo-Irish and AIB amounts to €44.8 million, costing €1.33 million to service. The property brought in an income of €1.7 million.
Mr Grehan’s share of a Belfast investment was valued at €16.3 million, with a Bank of Ireland mortgage of €15.8 million.
An apartment in Smithfield Market in Dublin was valued at €350,000, carrying a mortgage of €332,566 and earning an income of €13,388, while one in Francis Street in Dublin 8 was valued at €275,000, although the outstanding mortgage was given as €33,493.
An apartment in Spencer Dock in Dublin, which brought in an income of €15,000, was valued at €350,000, although it carried a mortgage from the Educational Building Society of €375,000. Mr Grehan is listed as the sole owner.
He is described as the half-owner of an apartment in New York valued at €500,000, carrying an AIB mortgage of €234,154. In Holland, Mr Grehan is listed as being the quarter-owner of a casino. Two properties in the Quartz development at The Grange, Blackrock in Dublin are valued at €750,000, carrying an AIB mortgage of €525,400, costing €10,500 a year in interest and €68,132 a year in capital repayments.
